Now’s the Time to Brush Up On Your Bookkeeping Habits
- Learn how digital records can lighten your load.
- Find out how autopay can save you time.
- Discover the importance of separating business and personal accounts.
- Find out how setting a recurring date with yourself to review bookkeeping and accounting matters can reduce stress.
- Learn how to use bookkeeping to prepare for your taxes.
Are you the type who makes New Year’s resolutions? The vast majority of those who pledge self-improvement focus on losing weight or exercising more. However, deciding to brush up on your bookkeeping habits may actually be smarter – and easier – to stick to.
Have you ever found yourself shaking your head at your own process? Then the beginning of the year is the perfect time to correct inefficiencies and counter oversights. There’s no reason to overhaul everything; just making changes for how you go about things in the future will make a significant difference. Fiducial offers some of our top tips for small steps that will go a long way towards improving your operations in 2022.
Get away from hard copies
What’s one of the top reasons people give for not going paperless? They have too many paper records to convert. The truth is that you can keep your paper files and still switch over to digital. You just have to check the box to convert to paperless as you log on to each of your accounts. You’ll be amazed at how much lighter you feel without account statements filling your snail mail mailbox, and how easily you can access information with the ‘find’ function of your computer. Bookkeeping just got easier!
Where autopayment is available, activate it
Why should you go through the process of tracking and paying monthly bills manually? As long as you have plenty of cash in your payment account you can set yourself up with autopay and move on to more important tasks.
Separate your business accounts from your personal accounts
This is one of the top pieces of advice for every business owner. If you haven’t done it previously, then now is the time. Things are going to get even more complicated with the changes in tax law that take effect in 2022, so make it easier on yourself by setting up separate accounts.
Create a recurring monthly date for reviewing your bookkeeping and accounting numbers
Think about how many times you’ve found yourself confronted with some kind of bookkeeping emergency or question that has stopped you in your tracks and sent you scrambling for answers. If you set a date with yourself once a month that is specifically for reviewing your financial issues, you’ll avoid the sense of urgency and enter the discussion prepared.
Use bookkeeping to anticipate and prepare for your tax needs
If you find yourself worrying about how you’re going to pay your tax bill each year, it means that you’re not paying attention. If you know how much you’re making then you have a good idea of how much you’re going to owe. You should be setting those funds aside now so that you’re not stressed later.
If a fresh start sounds good but you need help, we’re here for you. Want to learn how bookkeeping and accounting services can make your life easier? Call Fiducial at 1-866-FIDUCIAL or make an appointment at one of our office locations to discuss your situation.
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For more small business COVID-19 resources, visit Fiducial’s Coronavirus Update Center to find information on SBA loans, tax updates, the Paycheck Protection Program, paid sick and family leave.
